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Prince Alwaleed Heads Jeddah Economic Company Board Meeting in Riyadh

June 24, 2015

HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of Kingdom Holding Company (KHC), headed on Monday 15th of June 2015, the board of directors meeting of Jeddah Economic Company at His office in Riyadh with the board members; Mr. Hassan Sharbatly, Mr. Saleh Bin Laden, Mr. Hesham Al Edrissi, the representative of Abrar Company and Eng. Talal Almaiman, Executive Director Development and Domestic Investments, Chairman and CEO of Kingdom Real Estate Development Company (KRED), a board member of Kingdom Holding Company and Jeddah Economic Company (JEC). The meeting was also attended by, Mr. Mounib Hammoud, Jeddah Economic Company’s CEO and  Mr. Mohamed Fahmy, Kingdom Holding Company’s CFO.


Prince Alwaleed expressed his satisfaction with the progress made in accordance with the project schedule and praised the efforts made by the project team to finalize works within the specified deadline while maintaining the highest standards of quality.


The Kingdom City and Kingdom Tower project will be a source of pride for the Saudi people and for the citizens of Jeddah in particular. The master plan of the project is designed to build a city on an area of 5.3 million sqm supported by an advanced and comprehensive infrastructure. The first phase of the project which is currently under development consists of 1.5 million sqm which comprises of 3.3 million sqm of modern multi-purpose buildings that will reposition the city of Jeddah on the international scene of modern regional cities.


The main purpose of the project is to make available a unique business, residential and entertainment environment that provides top services for the new generation of Saudi citizens, and to be a must-visit business, entertainment, cultural, medical and educational landmark for visitors to Jeddah, as well as playing an important role in creating job opportunities for Saudi youth and contributing to fulfilling the increasing demand for residential units.


Earlier this year, JEC had announced the arrival of the biggest and tallest custom-made cranes supplied by Germany’s Liebherr & WolffKran. The enormous yellow lifting devices, known as “climbing cranes,” are designed to accompany the Kingdom Tower’s growth both externally and internally, in the latter case utilizing any of the building’s 65 interior elevator shafts to make the climb.


Commenting further, Mr. Hammoud said: “The Kingdom Tower will have 85 high-speed elevators and the world’s fastest double-decker elevators that travel at 12m/s. The elevators are designed to produce energy while moving, which contributes to energy conservation and environment protection. In addition, the tower is equipped with other services that will make it an international landmark and a global icon of Saudi Arabia’s progress, success and achievements.” 


The  Kingdom  Tower features 170 stories,  seven  stories  of  which  will  be allocated for the  five-star  Four  Seasons Hotel  offering  200  rooms and121 luxury serviced apartments, and seven stories for offices. The Tower will also have 61 stories that include 318 housing units of various types, along with amenities that include gyms, spas, cafes and restaurants, two sky lobbies and world’s highest observation decks, located on the 644 meter-height, enabling visitors to view the city of Jeddah and the Red Sea from high in the sky.